Roll back cut-down on interest rate on small savings instruments

Bhopal: Chief Minister Shri Shivraj Singh Chouhan has urged the Union Government to roll back its decision to cut down interest rates by 0.1 percent on various small scale savings instruments for the financial year 2013-14. Shri Chouhan has written a letter to Union Finance Minister Shri P. Chidambaram in this regard. He said that this decision of the Union Government for year 2013-14 is not in the interest of common people.
Shri Chouhan said that it may be financially judicious to cut down interest rates on small savings instruments to cut down costs of government funds. However, in view of persistent high inflation rates, to ensure common man’s interests, the decision to cut down interest rates on small scale savings instruments should be rolled back. He said that in the present volatile and depressed market conditions, government backed savings instruments are the only way for the common man to protect his money in real terms.